Buyer's Guide for Top Payment Processing Software

Found our list of Payment Processing Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!

Buyers Guide Content

  1. What is Payment Processing Software?
  2. Why Use Payment Processing Software
  3. Benefits of Payment Processing Software
  4. Key Features of Payment Processing Software
  5. Trends Related to Payment Processing Software
  6. Things to Consider When Choosing the Best Payment Processing Software

What is Payment Processing Software?

Payment processing software provides businesses of varying sizes with simplified solutions to process different types of B2B payments. Companies use this type of software to accept and manage payments across channels from business customers as well as those made to suppliers. With the rise in demand for digital wallets, payment processors have expanded their functionality base to include transfer of money from sources like PayPal to online bank accounts.

The online payment software integrates well with accounting software, payment getaways as well as AP automation software. Additionally, this type of software is mostly used by accounting teams of eCommerce businesses to ensure timely submission of payments without any errors or failure.

Why Use Payment Processing Software

In today’s world, payment processing software not only simplifies the online payment process but also offers benefits like customer management, protection from fraud & more. Let’s have a look at the most important reasons why you should use payment processing software.

  • Scalability: With little variations in functionality, a small business can use payment processing software like that as a large enterprise. The scalability of payment automation software enables businesses to not change their payment processors as their requirements increase.
  • Flexibility: Most online payment software handles a wide variety of payments, right from processing debit and credit cards to digital wallet options, electronic checks, and cryptocurrencies.
  • Security: A secure payment software allows businesses to process payments in a safe and secure environment, that is, where a user’s personal data is protected from any fraudulent activity.

Benefits of Payment Processing Software

Wondering what are the benefits of the best payment processing software?

  • Variety of payment methods: It is important to offer the right payment options to your potential consumers. The best payment processing software allows you to accept payments by digital wallets, credit card, debit card as well as gift cards.
  • Seamless customer experience: Payment automation software simplifies the online payment experience and offers numerous advantages like maximizing payment security, integrating your payments and more.
  • Protection from online fraud in E-commerce: A modern reconciliation software includes rigorous protection from online payment fraud although you are receiving or making online payments.
  • Increase in sales: It is observed that approximately 40% of all online purchases are the result of impulse purchase behavior. Hence, an easy payment option leads to an increase in sales.
  • Quick checkout: From a customer’s viewpoint, a seamless checkout experience is a must. Payment processing software provides an easy payment service, thus facilitating a simplified online shopping experience.

Key Features of Payment Processing Software

When you are looking to sign up for the best credit card processing software, you should ensure that your payment systems are equipped with these 8 essential features.

  • Integrated payment platform: The first and foremost thing you should look for in your payment processing software is its ability to integrate with key business tools for a seamless customer experience. This allows you to save ample time by helping you complete your payment activities with just a few clicks.
  • Multichannel payment methods: Multichannel payments offer customers full flexibility in how they pay. There are different ways to accept payment nowadays and the common ones include phone payments, digit wallets, ACH payments, and more.
  • Reports and data analytics: Report and payment data analytics is another important feature. Some of the best payment processors provide reports based on activity. Further, by using data analytics to analyze your payments, you can get quick insights into your company’s performance. Not only this, charts and graphs can help you in data visualization.
  • Simple and easy to use platform: When choosing the best payment processing software, go for a platform that is simple and easy to use. Having a system that is easy to navigate makes it simple to access key features and accurately locate modules.
  • Encryption: Any good payment processing software must have a strong encryption feature to safeguard credit cards and other payment related information from hackers. A strong encryption system in place keeps both merchant and customer data secure.
  • E-signatures: E-signatures provide additional security measures from hackers and prevent fraud. Some payment processors allow users to digitally sign documents easily and securely.
  • Receipts: Top POS systems generate physical or digital receipts for customers. Receipts are important for businesses, as they allow both merchants and customers to maintain records of their purchases.
  • Card readers: Credit card readers are essential for streamlining the process as they detect credit card information like cardholder information, account number & more rather than manually feeding it into the system.

Trends Related to Payment Processing Software

If you are looking for the most popular payment processing software trends, have a look at these points below:

  • Mobile payments: Today, smartphones play an important role in payment processing for many customers out there. Mobile payments have literally become one of the primary payment methods despite some security risks. The new trend in this category includes digital wallets and voice payments.

  • Digital wallets: Digital wallets offer a quick and safe way to make day to day payments easier. Like mobile payments, digital wallets allow an individual to make transactions with another party without using a debit or credit card.

  • Cryptocurrencies: Despite several issues pertaining around cryptocurrencies, both business and customers are willing to use cryptocurrencies for business-related digital payments.

Things to Consider When Choosing the Best Payment Processing Software

Consider these 5 important things while choosing a payment processor.

  • Cost: Cost is the first thing you should consider when choosing a payment processor. The total cost you’ll incur using the payment getaway typically involves the set-up free, monthly fee and transaction fee. The most cost-effective choice for your business depends on the volume of transactions. However, it is important to note that the payment processor offering the lowest prices isn’t always the best to associate with.
  • Provide multiple payment options: An ideal online payment processor should allow you to choose the type of payment options you’d like to offer to your customers. This way, you can expand your reach and boost customer interaction.
  • Processing speed: Apart from selling products or services, the processing speed of money from the buyer’s account to yours is equally significant. It is among the most important things to consider if you are looking for an end-to-end solution.
  • Be aware of service-related agreements: The cost of payment processors is based on business transactions, sales & more factors. However, with numerous payment automation software, there are various fees and service agreements to be followed that you should be aware of.
  • Mobile payment solutions: As people today prefer making online purchases, it is crucial to select payment processing software that can support payments made from mobile phones.

Author: Kalpana Arya

3 Best Payment Processing Software in 2022

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Feepayr

By Feepayr

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Quickbooks GoPayment

By Intuit

Price On Request

QuickBooks GoPayment is a popular payment processing software developed and marketed by Intuit. It allows customers to... Read More About Quickbooks GoPayment

Last Updated on : 17 Aug, 2022

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FAQs About Payment Processing Software

Payment processing software is commonly used by the following business types:   1. E-commerce businesses rely on payment processors as it saves time and effort  2. A brick-and-mortar business does not have a suitable payment system, and hence uses payment processors to process credit cards  3. Businesses that deal with other businesses use payment processors that are integrated with invoicing software  This ensures that payments are made on time and documentation is maintained. 

To set up an online payment system, the following basic steps are involved.   1. Research your options and set up your merchant account  2. Set up a hosting platform and register your site  3. Customize payment forms  4. With the help of applicable API, find a payment processing solution 

Popular examples of payment processors include card networks such as Visa, card issuers like CityBank, or merchant acquirers.

A digital payment processor facilitates electronic payments and acts as a middleman between customers and merchants.

Choosing the best payment processing software for your business is essential. Some of the important factors you must keep in mind include cost, multiple payment mode support, security, limits on the transaction and integration with other systems.

The best online payment software can make online payments, process POS transactions, gift card management, reporting and analytics among other things.

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